Richmond Retail Asset Sells for $22M

The 136,000-square-foot shopping center last traded some 20 years ago for more than $19 million.
Colonnades West. Image via Google Street View

Colterra Capital Corp. has acquired Colonnades West, a 136,082-square-foot retail property in Richmond, Va., from PF Colonnades Corp. The buyer paid $21.8 million for the asset. Divaris Real Estate represented the seller in the transaction. The center last traded in 2000 for $19.3 million, according to public records.

The six-building shopping center came online in 1998 and is located at 10941 W. Broad St. on 14.7 acres at the intersection of West Broad Street and Cox Road. The property is close to various hospitality options and a mile from the 800-acre Innsbrook Business Park.

The retail asset was 97.5 percent leased at the time of the sale. Its tenant roster includes Ross Dress for Less, Marshalls, Office Max and Shoe Carnival. The center has two freestanding buildings on outparcels, occupied by CVS and The Men’s Wearhouse.

Divaris’ Senior Vice President Read Goode and Vice President Cheryle Toy negotiated on behalf of the seller. In August of last year, the firm was selected to oversee leasing efforts at a 199,000-square-foot shopping center in Chesapeake, Va.